Samuel Francisco Group
The members of “Samuel Francisco” are from Talca, a city in the Maule region of central Chile. The two communities in Talca that the group members come from are called Samuel and Francisco, which is how their communal bank name was made. The climate in the region is Mediterranean, so the land is great for wineries and is a very scenic area. Nevertheless, the region is one of the poorest in Chile.
Mariela is the president of “Samuel Francisco” communal bank and she is pictured above wearing a green T-shirt in the second row. She sells clothing and perfume and travels twice a month to Santiago to purchase her merchandise. Mariela has two children, aged 11 and 9, and she is currently expecting her third child. Her dream is to have a clothing shop of her own in the city center.
For Mariela, Fondo Esperanza has meant important and sustaining economic help for her business, helping her achieve more financial stability for her family.
About Fondo EsperanzaFondo Esperanza (FE) is a private non-profit organization that supports entrepreneurship by providing micro-credit and training to people living in poverty in well over 100 cities throughout Chile. By providing these services, FE aims to improve the living conditions of the entrepreneurs and their families. In 2010, FE provided loans to more than 41,000 entrepreneurs. It utilizes a communal banking model in which groups of 18 to 25 clients meet on regularly and guarantee each other’s loans. The members use their portion of the loan to create or expand their own businesses. In the group meetings, clients receive training though the FE Entrepreneurship School, which enhances clients’ personal and business skills and ability to work in groups.
This is a Group Loan
In a group loan, each member of the group receives an individual loan but is part of a larger group of individuals. The group is there to provide support to the members and to provide a system of peer pressure, but groups may or may not be formally bound by a group guarantee. In cases where there is a group guarantee, members of the group are responsible for paying back the loans of their fellow group members in the case of delinquency or default.
Kiva's Field Partners typically feature one borrower from a group. The loan description, sector, and other attributes for a group loan profile are determined by the featured borrower's loan. The other members of the group are not required to use their loans for the same purpose.
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